Trending Topics

Switerzland Returns Looted $700 Million To Nigeria

General Sani AbachaThe Swiss ambassador to Nigeria, Dr. Hans-Rudolf Hodel, said the United States’ $700 million stashed in Swiss banks by the late military head of state General Sani Abacha has been returned to Nigeria.

Hodel added that Swiss and Nigerian governments have agreed to request the World Bank to participate in the review of the use of the funds on welfare projects.

“Regarding Sani Abacha, Switzerland has restituted and returned $700 million of illicit assets to Nigeria,” he said.

The ambassador said in addition to the return of the funds, Switzerland also funded a project of an NGO network that monitored the use of the recovered monies in the various development projects.

On the case against the late Abacha’s son Abba, Hodel said proceedings over support of a criminal organization were still pending in Geneva.

“There are special procedures to deal with foreign clients who are PEPs (politically-exposed persons),” he said. “Swiss banks must put clients into different risk categories. They might decide not to start business relationship with a PEP because of the reputation risk involved. Swiss banks are obliged by law to report well-founded suspicions of criminal activity and simultaneously freeze the assets in question.”

When asked on a recent report on Swiss traders involved in opaque $6.8 billion oil deals in Nigeria, the envoy said they have not received any formal request regarding that.

“I have no knowledge that we have been contacted by the authorities. In case they will start proceedings and they will need our help, of course with international legal cooperation we will help them if they approach us. But until now, they have not approached us,” he said.

What people are saying

21 thoughts on “Switerzland Returns Looted $700 Million To Nigeria

  1. Ariston Lyte says:

    Let's see how it's used & how well it's audited.

  2. NGO Will monitor? what for? its not their money it belongs to the Nigerian people. where were the ngo's when it was being stolen? black people do not need anybody to tell them how to spend their money.

  3. Wow, I commend the person in Switerzland who is in charge of this return & decided to do so. Very noble act. Nigeria will use the money well. Now if only all other countries will return money back to Africa. Especially England where those so called kings/queens have been traveling around the world killing & stealing money, riches & everything to keep their fake "royal" status. They even stole the Pekingese dogs from China- totally stripped them down to the sacred pets.

  4. Alan Carter says:

    I was thinking the same. Same old attitudes.

  5. What is the motive behind the return of the money? secondly, who will monitor the distribution?

  6. Lisle Forde says:

    Why in hell they have to monitor how the money in used in Nigeria? look they can look after themselves quite well, I am still waiting for Britain ,Germany, Belgium ,Holland, USA AND THE REST OF THEM TO DO LIKE WISE!

  7. Montely Wilson-Bey says:

    They are saying we will return your countries stolen money as long as you invest in things authorized by the International Monetary Fund. In other words, we will give you back the money and then show you how to stash and invest it in the Cayman Islands were they have more liberal regulations.

  8. Montely Wilson-Bey says:

    They are saying we will return your countries stolen money as long as you invest in things authorized by the International Monetary Fund. In other words, we will give you back the money and then show you how to stash and invest it in the Cayman Islands were they have more liberal regulations.

  9. Again, signs of the shameless ignorance of corrupt Nigerian leaders. It's said that a poor man is one who doesn't know the value of money. He spends time stealing and stashing money away, while a wise rich man understands money is used as an instrument of good and to implement changes. When the poor man dies, the money still stays stashed or changes hands, while the work of the smart rich man remains as testimony long after his death. Abacha still hasn't taught Nigerians anything! 🙁

  10. Beka Shakur says:

    Wonder who is going 2 loot it again

  11. Oh good! Maybe now that they have this money, they can cut back on the 419 crimes world wide!

  12. El-Mahdi Holly-Haile says:

    Considering that the Nigerian government — without any regulatory mandates from outside entities — negotiated a plea deal enabling the Abachas to claim $1.2 Billion of stolen public assets before any trace ever returned certainly raises red flags. The Abacha regime severely damaged the country's political and economic clout, at the expense of its citizens. Given the shame of fraudulent wire transactions that continue to cast a negative light on a people reeling from an infrastructure in need of improved fiscal safeguards, a cooperative NGO effort can do much to restore Nigeria's reputation. Detractors can either dismiss the restoration process and further fuel disruptive feelings of agency/national distrust, or engage the selected NGO partnership by offering ideas for fiscally sensible projects. If Nigeria continues to coordinate with the IMF-supported creditors which enabled the African nation to build one of the strongest growing economies on the continent, maybe its people can gain a bankable reputation for trustworthiness and finally bury all the negative stereotyping with the shortcomings of its corrupt past.

  13. Montely Wilson-Bey says:

    El-Mahdi Holly-Haile Isn't that the same type of program that was a catalyst for this condition in the first place?

  14. Shawn Mc says:

    it was stolen money probally bribes that was stashed in a Swiss bank by the late military head of state General Sani Abacha.
    an NGO will monitor the funds

  15. Shawn Mc says:

    Nigeria corruption is at a all time high with government officials stashing billions around the world from oil revenue. the people are some of the poorest on the planet due to inept leadership

  16. El-Mahdi Holly-Haile says:

    Montely Wilson-Bey In reference to this article, I am aware of how a Nigerian military general illegally assumed power and siphoned public coffers which contributed to the condition upon which a fraction of such money was recovered. Surely, can you provide an online link to an article indicating where Nigerian funding through an International Monetary Fund-sponsored NGO partnership was specifically redirected to the Cayman Islands?

  17. Montely Wilson-Bey says:

    El-Mahdi Holly-Haile How about doing some research on the IMF and the Cash-Crop programs they run throughout African. That will give you a sense of what they have been doing on the African continent since the inception of their presence there. Neither did I say the had diverted money there. The use to divert it to Swiss banks. Now the new standard is the Cayman Islands.

  18. El-Mahdi Holly-Haile says:

    Montely Wilson-Bey My apologies, but I would hope you were able to substantiate your own conclusion with relevant research, outside of making a loose assumption.

  19. Osei Kufuor says:

    Doesn't the handling of stolen money make the handler criminally liable as the thief? The West always talks of corrupt African leaders and conveniently forgets to mention the western banks that receives African plunder for safe keeping. While returning Abacha's do well to return Mobutu's stolen funds to the Congo!!

  20. don't trust them…nigeria should charge them interest, and sue them for the damages….then break away from them.

Leave a Reply

Back to top